UBX, the leading open finance platform within the Philippines, has joined forces with Mercantile Insurance, a well-established and trusted insurance company in the country, to build innovative and tech-driven products and services that will provide flexibility and convenience to current and future insurance policy holders.
Under the partnership, UBX is providing Mercantile payments plus collections solutions that support its electronic transformation journey across its value chain.
Through UBX’s 60, 000 payment channels, Mercantile customers can now pay their premium via over the counter, online banking, e-wallets, and debit/credit cards.
“Our strategic alliance along with Mercantile will be but the particular first step in bringing insurance closer to Filipinos. Offering our range of services to the insurance business provides a win-win solution for insurance companies and the insured alike, promoting frictionless and convenient transactions, ” UBX President John Januszczak said.
Januszczak added that insurance is one of the best ways to stay financially protected for emergencies and unexpected situations.
By combining the power of insurance coverage with the groundbreaking benefits of digital solutions, UBX and Mercantile are providing current plus future policy holders a more seamless customer experience.
While the insurance policy industry has long been established in the Philippines, latest data from the particular Insurance Commission (IC) showed that the Philippines only offers an insurance plan penetration of roughly 2 percent.
The onset of the pandemic gave rise in order to a demand for reliable insurance plans. In 2020, Mercantile’s insured amounts or net premiums ballooned to P2 billion from P400 million in 2014, a testament to exceeding market growth standards and the particular breadth associated with trust that will clients put in the company.
“If there is anything that the COVID-19 pandemic provides taught us, there is no such thing as being too prepared. Now more than ever, as part of our commitment to financial inclusion, UBX endeavors in order to contribute to the insurance sector and help these companies in navigating the electronic age of finance, ” Januszczak explained.
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